Sharp Company manufactures a product for which the following standards have been setstandard Quantity orHours3feet? hoursDirect materialsDirect laborDuring March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2,750 units ofproduct. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $36,000.The following variances have been computed for the month:Materials quantity varianceLabor spending varianceLabor efficiency variancestandard Price or Rate Standard Cost$5 per foot$ 15? per hour?Required:1. For direct materials:a. Compute the actual cost per foot of materials for March.b. Compute the price variance and the spending variance.2. For direct labor:a. Compute the standard direct labor rate per hour.b. Compute the standard hours allowed for the month's production.c. Compute the standard hours allowed per unit of product.Req 1A$ 3,450 U$ 3,000 U$ 750 UComplete this question by entering your answers in the tabs below.Reg 1BReq 2For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.)Actual costper footReq 1AReq 1B

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Description: Sharp Company manufactures a product for which the following standards have been setstandard Quantity orHours3feet? hoursDirect materialsDirect laborDuring March, the company purchased direct materials at a cost of $49,170, all of which were used in

Material spending variance is the sum of Material price variance and Material quantity variance.…

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Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Direct materials Direct labor standard Price or Rate Standard Cost $5 per foot ? per hour Materials quantity variance Labor spending variance Labor efficiency variance During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2.750 product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was S The following variances have been computed for the month: $ 15 ? $ 3,450 U $ 3,000 U $ 750 U

Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Direct materials Direct labor standard Price or Rate Standard Cost $5 per foot ? per hour Materials quantity variance Labor spending variance Labor efficiency variance During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2.750 product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was S The following variances have been computed for the month: $ 15 ? $ 3,450 U $ 3,000 U $ 750 U

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Sharp Company manufactures a product for which the following standards have been set: Standard Standard Quantity Standard Price or or Hours Rate Cost $15 3 feet hours $5 per foot ? per hour ? ? Direct materials Direct labor During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $47,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. $ 2,400 U $ 3,300 U $…
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